Hilton Convention Center Headquarter Hotel – Baltimore, Maryland
During the period 2004 through 2006, HVS Convention Sports & Entertainment Facilities Consulting assisted the Baltimore Development Corporation (BDC) in the development of a new convention center headquarters hotel, connected to the Baltimore Convention Center. Our involvement included the initial conception of the project through its successful financing. HVS performed a hotel feasibility study and recommended the development of a 750-room property. Our analysis demonstrated that a publicly-financed hotel project of this size would be most feasible and provide the highest level of benefit to the City of Baltimore. HVS then assisted the BDC in running a competitive selection process for a development team….
The BDC selected Hilton as the operator and choose to use municipal financing to fund the construction of the hotel. This project enjoyed the support of a historically strong hotel and convention market in downtown Baltimore and was successfully financed in January 2006 with the issuance of approximately $324 million in tax-exempt debt. The HVS report was included as part of the Official Statement. The financing structure minimized the development risk to the City of Baltimore and included substantial financial guarantees from the Hilton Corporation. The Hilton Hotel opened in 2008.